Wells Fargo's WFC, +1.70% annual meeting was temporarily suspended Tuesday after an angry shareholder refused to sit down and shut up over the board's responsibility for the fake-accounts scandal that has tainted the bank's reputation.
While many shareholders are by now largely immune to the transgressions of the US banking sector, Wells Fargo's recent phony account scandal has given even the most hardened cynics pause, likely due to the incredible breadth of the bank's fraud.
Timothy Sloan, who replaced Stumpf as the bank's chief executive and joined the company's board in October, won support from 99 percent of the shareholders who cast votes. Wells Fargo & Co's quarterly revenue was down.9% on a year-over-year basis.
Sanger tried to show patience as he was repeatedly interrupted, though he struggled at times as speakers ignored his pleas to follow the usual order of proceedings.
Sanger said that the reason Marks was ejected was because he made a "physical approach" toward a board member-a view that was disputed by another shareholder who was present at the meeting.
Wells Fargo's good news marks the first time that the two agencies are satisfied with all of the big banks' living wills, potentially marking a turning point in what has been a torturous process for the companies and the government officials overseeing them.
This month, the bank said it would pay $142 million to settle a customer class-action lawsuit.
Wells Fargo's executives are also expected to face calls for their ouster.
"Wells Fargo stockholders today have sent the entire board a clear message of dissatisfaction", Sanger said.
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The $110 million settlement covered anyone who had an account opened in their name without their consent, enrolled them in a product or service without consent, or submitted an application for a product or service in their name without consent stretching back to January 1, 2009, through the date the settlement is finalized.
Tony Plath, a finance professor at UNC Charlotte, said the inadequacy of the living wills "really underscores how we haven't yet found a credible and effective solution for too-big-to-fail in spite of what the regulators and politicians say".
They are voting for the board members who have served three years or less: Elizabeth Duke, Karen Peetz, James Quigley, Ronald Sargent, Suzanne Vautrinot and Tim Sloan.
The decision received unanimous support from the FDIC and Federal Reserve boards. "Who is going to defend them?"
Wells Fargo's board and management said the steps taken to fix problems and punish employees responsible for abuses show there is now strong oversight, and that directors nominated deserved to be elected.
Former Chairman and CEO of Wells Fargo John Stumpf faced congressional investigation, which ultimately led Wells' board to force the executive to cough up $41 million in assets and earnings he accrued from his decades-long tenure. Chilton Capital Management LLC's holdings in Wells Fargo & Co were worth $17,586,000 as of its most recent filing with the SEC.
Like mushrooms, the board is kept in the dark and fed horse manure, Rees said.
That means the settlement, if approved by U.S. District Judge Vince Chhabria, would effectively put an end to almost a dozen similar cases filed across the country in the months after the bank's misdeeds came to light past year. Elizabeth Warren (D-Mass.) tweeted during the meeting.
In December, the Fed and Federal Deposit Insurance Corporation notified Wells Fargo that the bank's plan fell short.
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